On January 10, policymakers and industry experts in Egypt gathered at a blockchain forum in Cairo to explore the establishment of a national framework for cryptocurrency regulation. This initiative, aimed at providing regulatory clarity for digital assets, reflects the growing interest of Egyptian authorities in integrating blockchain technology into the national economy. The forum addressed concerns over unregulated cryptocurrency usage, which could present financial and security risks, and examined potential benefits such as enhanced financial inclusion and the facilitation of cross-border payments.

Organized by Egyptian financial and technological authorities, the event featured a range of speakers from the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA), alongside representatives from Egypt’s tech industry. The discussions highlighted the importance of aligning with international standards to create a balanced regulatory environment that would encourage responsible use of cryptocurrencies while also safeguarding the national economy.

The CBE has previously expressed interest in a national digital currency, or central bank digital currency (CBDC), and has been conducting research on the potential impact of such a currency on the Egyptian pound and the broader economy. The discussions at the forum also covered the potential role of a CBDC in mitigating risks associated with cryptocurrencies while providing a regulated digital payment option in Egypt. Additionally, Egypt has shown an interest in joining the BRICS countries’ initiatives on digital currencies, with hopes that this could further bolster financial stability and facilitate international trade within the bloc.

The outcome of the Cairo forum is expected to guide Egyptian policymakers as they continue to explore digital currency regulations, with plans to implement clear guidelines in the near future. This framework is part of Egypt’s broader economic strategy, which includes digital transformation goals aimed at driving sustainable economic growth by 2030.